Provides the information on how to check IT Refund Status & explains Probable outcomes of Refund Status
Assessment Year (AY) means: It is the twelve-month period 1st April to 31st March immediately following the financial year. In the Assessment year a person files his return for the income earned in the financial year. For example for FY: 2020-21 the AY is 2021-22
IT Refunds in India depends on many factors. While it takes 2-3 months during early months of filing for an assessment year (eg. Apr-Jun), it takes many more months if you happened to file after Jun (i.e., peak months of ITR processing). In addition, if you have received an IT notice, the refund would be granted only after the received notice(s) have resolved.
As on Feb 2021, ITD implemented new Refund Processing System to enable faster Refund processing with an expected turnaround of just few days instead of few months.
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